WASHINGTON If the nation goes over the “fiscal cliff,” some Americans will wake up Tuesday with financial headaches to rival a New Year’s Eve hangover.
More than 2 million long-term jobless would receive their final unemployment benefit check within days. Millions of taxpayers would be unable to file their returns early, resulting in delayed refunds. Taxes would rise immediately on workers across the board. And although some of those increases may eventually be reversed, the first paychecks of the year would be smaller until any legislative fixes kick in.
Even if the crisis is resolved quickly after the new year as pressure mounts on President Barack Obama and lawmakers, it poses a short-term administrative nightmare for businesses. And it would be a financial blow to millions of people struggling to make ends meet in the aftermath of the recession.
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9 comments:
Too bad republicans represent Grover Norquist and not the people
At this point we should go over the cliff. Maybe it will wake Americans up to see that we need new people in office across the board especially in the White House.
Seems to me it was the house that couldn't even back their own Plan "B"
"Aftermath" of the recession?? When will that be??...
The 2 million people already on extended unemployment will not get a check. Being most of them voted for Obama and he can't get anything done, they will just blame the Republicans.
Do I not understand this "cliff" thing? Doesn't it mean people's taxes will go back up to the rate the older folks were paying years ago? And gov't spending will go back down? Where is the catastrophe in this.....
Not Me, I don't work
12:32
Are you smoking crack?
Obama and Reid have never been willing to agree to ANY plan.
The house Republicans went way farther than I would ever want to accomodate Dictator Obama and he still said no.
You are stupid to blam this on Grover Norquist.
You must just be a shill for the libtard party.
Repubs and Dems are elected to serve all the people of their respective districts. The people spoke of thier wishes with their votes in Nov. Its time to do the will of the people, not the billionaire donors and lobbyist.
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